Mahindra stars booking of SUV XUV700 to get back numero uno position from Hyundai Kia and Tata Motors
Mahindra, once the first in the sports utility vehicle (SUV) segment, is making efforts to increase its presence in the market. In this connection, the company has introduced its new SUV XUV700 in the market, the booking of which started from 7 October. The company wants to regain its lost position in the SUV market by leaving behind companies like Hyundai, Kia and Tata Motors.
Mahindra Announces XUV700 Ex-Showroom Price
The company is going to launch its much awaited SUV XUV700 in this festive season. Mahindra has fixed the ex-showroom price of this SUV in the range of Rs 12 lakh to Rs 23 lakh. Mahindra had earlier announced the MX series and AX series of XUV700. Now the company has also announced to bring two luxury variants with diesel engine.
The company has high hopes from the XUV700
This SUV of the company is available in both manual and automatic transmission options. Available with five and seven seater options, this SUV has a 2198 cc engine. Mahindra has high expectations from this new SUV. Earlier, the company has been disappointed in the SUV segment with models like TUV300, KUV100 and G4 Alturas. The company is currently selling Bolero, Scorpio, XUV300 and XUV500 in the SUV segment.
Mahindra slipped from the first position in the SUV market to the fourth position
At one time Mahindra used to be the topper in the Indian SUV market. However, later due to the arrival of new companies and customers were flooded with options, Mahindra was stripped of the first position. Seven years ago Mahindra had a 50 per cent share of the Indian SUV market. Now it has come down to 14 percent. Hyundai Motors India, Kia India and Tata Motors have captured a significant share of the SUV market by introducing new models. The Creta and the Venue have given Hyundai a market intervention. Similarly, Kia has got help from the Sonet and the Seltos. Tata has accelerated its sales by launching SUVs like the Nexon and Harrier after the Safari.
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Then this is Mahindra’s preparation to become number one
Mahindra Group’s Anand Mahindra, while addressing the last meeting of shareholders as executive chairman, said in August that the goal is to bring the company back to the first position by 2025. For this Mahindra has planned to spend 12 thousand crores in the next three years. The company is set to launch new variants of the five-door Thar, Bolero and XUV300 and two new SUVs codenamed W620 and V201 in the coming times. The company is going to spend 9000 crores only on the SUV segment.
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